REAL ESTATE
Industrial Park Purchase: Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, has purchased a 50% stake in an industrial park in Baldwin Hills for an undisclosed amount.
Pacific Gulf will purchase the remaining 50% interest in the park from Santa Anita Realty Enterprises Inc., another real estate trust. After that purchase, Pacific Gulf will own approximately 2.3 million square feet of industrial properties.
The 623,000-square-foot facility is 90.3% leased to tenants that include Federal Express.
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